Laugh or cry, the choice is yours.
Here is trader Keith Bliss explaining why one should listen to the "stock whisperer", and ignore fundamentals.
He maybe on to something...
Since macro doesn't matter...
And neither do earnings...
According to Bliss, trading is simple as 1, 2, 3:
On the last day of an extremely volatile first quarter, following the latest torrid push higher in risk assets over the past two days following Yellen's dovish Tuesday comments, today has seen a modest pull back in risk, whether because the market is massively overbought, because someone finally looked at what record multiple expansion that has taken place in Q1 as earnings are set to collapse by nearly 10%, or simply due to fears that tomorrow's payrolls number will show an abnormal amount of minimum wage waiters and bartenders added.
Three weeks ago, in the aftermath of the initially disappointing market reaction to the ECB's lack of further NIRP euphoria which sent stocks (at first) lower, various technicians came out with calls that the bear market rally is over, perhaps most notably Evercore ISI's Rich Ross who said "My Bullish tactical call is over. While we have repeatedly highlighted 2030 as our upside target, the rapid post ECB reversals in the cross asset technicals dictates that we abandon our tactical view at this time in favor of a far more defensive posture.
At the end of the day, it was all about the dollar.
It has been so long, we forgot what it's like for the "smart money" (hedge funds, private clients and institutional clients) to put money to work into the market instead of rushing to unload their exposure to corporations buying back their stock (in near record amounts).